With Bitcoin and Ethereum so close to their pre-crash highs, the general sentiment in the market seems to be predominantly bullish. In that sense, analyst CroissantEth took the task to summarize the factors causing such sentiment amongst traders and operators. Related Reading | As Bitcoin Breaks $57k, Quant Explains Why It Could See A Pullback Here Via Twitter, the analyst claimed that Bitcoin has increased its levels of attention to levels last seen during May, just before the cryptocurrency lost over 50% of its value in the first of several capitulation events. In addition, BTC’s second layer payment solution Lightning Network has experienced massive growth in its levels of adoption. The analyst attributed this growth to the introduction of the Bitcoin Law in El Salvador. As seen below, the Lightning Network recently saw an explosion in its number of payment channels. At present, this metric stands at an all-time high with a 226% increase in the past 12 months. Bitcoin will soon implement of its biggest upgrades since its inception, Taproot. To be rollout in November 2021, the upgrade will improve the network privacy and security, and smart contract capabilities. As the Croissant noted, when BTC upgrades “you probably want to pay attention”. A third potential price catalyzer for BTC is the approval of an Exchange Traded Fund based on Bitcoin derivatives by the U.S. Securities and Exchange Commission (SEC). Related Readi...
